BRICS Summit to drive expansion, de-dollarization Agenda

The upcoming BRICS summit, set for October 22-24 in Kazan, Russia, will spotlight the bloc’s ambition to expand its membership and promote trade in local currencies. Held in the Russian Republic of Tatarstan, the summit is expected to gather representatives from 32 nations, including 24 state leaders. High-profile attendees will include UN Secretary-General António Guterres and New Development Bank President Dilma Rousseff.

The bloc, currently comprising Brazil, Russia, India, China, South Africa, and four recent members—Egypt, Ethiopia, Iran, and the UAE—has garnered interest from 34 other countries, including Türkiye. “The union’s adaptability and growth potential have always been central to its agenda,” noted Russian officials.

Amid growing Western sanctions on Russia, the summit is expected to emphasize reducing reliance on the US dollar. Russian President Vladimir Putin remarked that the use of the dollar and euro in Russia’s exports has halved by 2023, with trade in local currencies seeing a marked rise. Russia now conducts substantial trade with China, India, Central Asia, and Africa in non-dollar currencies. The BRICS Bridge project, a digital payment platform currently in development, aims to further this trend by incorporating blockchain and central bank digital currencies.

BRICS’ relevance on the global stage continues to grow, now representing 45% of the global population and producing 45% of the world’s oil. As it expands, the bloc seeks to counterbalance Western influence, with its members accounting for roughly a quarter of global trade.